Going nuclear with fraud in Idaho …

The SEC alleges that Alternate Energy Holdings Inc. (AEHI) has raised millions of dollars from investors in Idaho and throughout the U.S. and Asia while fraudulently manipulating its stock price through misleading public statements that conceal the secret profits reaped by its CEO Donald L. Gillispie and Senior Vice President Jennifer Ransom. Gillispie has touted the company as a tremendous investment opportunity that could rival Exxon Mobil in profitability, despite the fact that AEHI has essentially no revenue and minimal operations.

Apparently the SEC became alarmed when AEHI (a company aiming to build the nation’s first nuclear plant in years) peppered the public with frequent press releases (87 in 2010 alone) in an apparent effort to drive up its stock price. This, and evidence that the CEO reported minimal compensation ($133,000) when he allegedly received nearly six times more than that, was too much for the SEC to bear.